XRP Ledger stablecoin market cap tops $1B on RLUSD surge

The XRP Ledger's stablecoin market capitalization crossed $1 billion on Monday, climbing 21.4 percent over 30 days to $1.09 billion as Ripple's RLUSD token drove the bulk of issuance growth.

Data from RWA.xyz shows RLUSD accounts for $1.03 billion of the total, with Braza's USDB the second-largest stablecoin on the network at $25.96 million. Stablecoin holders on XRPL rose 33.61 percent to 80,690 over the same 30-day window.

Thirty-day stablecoin transfer volume reached $5.28 billion, up 23.87 percent, while the network's active-address 30-day simple moving average rebounded from 14,247 on Aug. 3 to roughly 16,960, a 19.04 percent increase, according to CryptoQuant data.

The milestone extends a six-quarter expansion in which the value of stablecoins and tokenized assets on XRPL grew about 43 times, from an average of $99 million in Q1 2025 to $4.26 billion in Q2 2026, per Evernorth research. RLUSD's average balance reached $539 million in Q2, up 642 percent year over year, while its share of stablecoin supply on XRPL rose from 20 percent to 34 percent.

Ripple has been actively managing RLUSD supply across networks. On Sept. 6, the issuer burned 1,363,614.85 RLUSD on XRPL and minted the same amount on Ethereum within seconds, according to on-chain data — a rebalancing that shifts where existing dollar-backed stablecoin liquidity is held. The token expanded to additional networks through Wormhole in June, gaining native connections to Optimism, Ink, Base, Unichain and the XRPL EVM sidechain.

XRP has benefited from the network's rising stablecoin activity. The token traded at $1.40 at the time of publication, up more than 34 percent over the past 30 days, though still down more than 24 percent year to date. Spot XRP ETFs attracted $153.55 million in August, with $150.28 million arriving in the final 14 days of the month, according to fund flow data.

Institutional Traders Reshape XRPL Activity

The stablecoin milestone also reflects a shift in XRPL's user base. While the average number of daily active accounts fell to 16,587 in Q2 from a prior high of 33,145, the amount of XRP traded per account rose 81 percent in Q4 2025 and another 85 percent in Q1 2026, according to Evernorth. Order-book trading on XRPL's DEX averaged 3.57 million XRP per day in Q2, up 79 percent year over year, with each active account trading about 3,217 XRP daily compared with 1,072 a year earlier — a pattern consistent with professional traders and institutional activity.

Whether RLUSD issuance momentum persists beyond the current growth phase depends on continued demand for dollar-denominated yield and DeFi activity on XRPL. The network's EVM sidechain, which launched version 9.0.0 in May with support for newer Ethereum standards, provides infrastructure for lending and vault features that could attract additional stablecoin liquidity. Ripple's monthly escrow release of 1 billion XRP on Sept. 1, valued at approximately $1.38 billion, added routine supply to the market without disrupting price momentum.

This article is for informational purposes only and does not constitute investment advice.